Jindal Stainless to build $60 million plant in Russia

India's Jindal Stainless Ltd. is at a preliminary stage of a $60 million investment for construction of a steel mill in Russia's north-western Leningrad region.

The mill will have an annual capacity to make of 0.4 million metric tons of stainless steel sheets.

According to Russian news agency Itar-Tass, Jindal's representative in Russia Mahendra Agrawal expressed his company's interest during a meeting with the deputy governor of the region, Grigory Davs.

Davs has welcomed the idea, stating how the company's project fits well into the investment policy in the region where Ford, Toyota and other auto majors have or are building car plants.

The region's economic development commission has reportedly offered potential sites for the proposed plant. The commission also wants construction of the plant to begin in 2008-09.

In India, the company plans to set up a 1.6 metric ton integrated stainless steel plant in Orissa state in phases. It is also firming its capacity of its Hisar plant to 0.9 metric tons from 0.6 metric tons.